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AlanSantana
Dec 1, 2021 4:11 PM

Bitcoin Rally Starts; Correction Over? New All-Time High & More Long

BITSTAMP:BTCUSD1D
Bitcoin / U.S. dollarBitstamp

Description

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Yesterday we had a bearish candle close after a failed challenge of EMA50, which now sits at $58,362.

Today, Bitcoin is clearly moving above this level and beginning to grow.

We have the MACD starting to form a strong upward curve:


And the RSI hitting 50;
Goes bullish after a higher low:


All these signals are pointing to higher prices.

Is the Bitcoin correction over?
This is likely...

It is time for the bulls to jump back in.

Note: We still have the $59,000/$62,000 price level as resistance.
EMA100 ($55,000) is now our immediate support.

How far up can prices go?
Leave a comment!

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Thanks a lot for your support.

Namaste.
Trend AnalysisTechnical IndicatorsBeyond Technical AnalysisBitcoin (Cryptocurrency)BTCBTCUSDaltcoinscryptoCryptocurrency
Comments
maroff
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as traders take profit and wont jump into the race for 10%, it is a battle of deminishing returns now. I dont think we will see a new ATH. nor i think we will see something near ATH til eoy
blacklegend55
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@maroff,


I support you on this
AlanSantana
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@maroff, With the fight I am seeing between Bears and Bulls, the smaller Altcoins breaking out bullish, Bitcoin can easily range trade.
AlanSantana
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@maroff, I am staying open to all sides.

Our levels are now at $53/55K as support. (Below support bearish)
$59/62K as resistance. (Above resistance bullish)

These are short-term.
AlanSantana
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@AlanSantana, We are right in between those.
Cirinho
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Why are you change your idea at any new post??..you wrote few days ago about 50k and probably drop more at 45k in 1-3 weeks about btc??..so what do you think definitly,we will go to the moon or we drop again around that target?
Ty
AlanSantana
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@Cirinho, It depends.

If prices move below $53,000 to $55,000 then the bearish side is more likely.
If prices move above $59,000 to $62,200 then the bullish side is more likely.
AlanSantana
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@Cirinho, Here we are looking at the daily timeframe.

If it goes above EMA50, strongly bullish.
If it goes below EMA50, correction can easily continue...

It all depends and the market is always moving/changing.
Just look for the support and resistance levels and all is good.
AlanSantana
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@Cirinho, We are now right in-between the bullish and bearish scenarios. Anything can play out when we are in the middle.

Judging by the Altcoins and the fact that Bitcoin already had a 23% correction, things can change.

I am opening myself to all sides.
Cirinho
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@AlanSantana, Thanks for your kind answer..now is clearst!
I like so much you work and you analylisys..thanks!
I think the alt market will have a drop,because the Btc Dominance can easy rebound for the level of 41-42..and the scenarios seems more bearish..Tha Macd on w timeframe btc/usdt seems to cross down..
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